Asia Pacific Craft Beer Market

Asia Pacific Craft Beer Market Growth and Forecast (2023 - 2028):

The Asia Pacific Craft Beer Market was assessed to be USD 16.26 billion in 2022, and it is determined to reach a valuation of USD 45.59 billion by 2028 at a CAGR of 22.9% during the conjecture time frame.

Market Overview:

Drivers that are affecting beer market development are developing inclination for low liquor by volume, and developing prominence among more youthful populaces and craft beer is without concoction and keeps up the high natural flavor in beer.

On the other side, more significant expenses and duties on the expense of provisions and trouble in discovering developer breweries are the elements hampering the market development. Craft beer is progressively costly contrasted with conventional beer additionally impacts the development rate.

Recent Developments in Asia Pacific Craft Beer Industry:

• February 2017 – Heineken N.V. declared the obtaining of Brazil Kirin Holding S.A which is one of the biggest brew makers.
• May 2017 – Anheuser-Busch InBev gained North Carolina-based Wicked Weed Brewing attributable to expand the production of honey bees.

Drivers:

In the Asia-Pacific locale, the beer imports have expanded as discretionary cash flow rises and buyers are favouring beer over other mixed drinks. What's more, social changes and the reception of Western culture have influenced shopper impressions of mixed beverages, particularly brew. The presentation of gluten-free, low calorie, low liquor and not jazzed up brews is relied upon to drive the development of the APAC craft beer market over the estimated time frame. Purchasers are progressively moving to without gluten brews produced using millet, grain malt, rye, corn, potatoes, rice, soybean and sorghum. Along these lines, the expansion in flavour and readiness advancement will lead to the APAC market. In developing economies, for example, India and China, the rise of craft beers and breweries is a significant driver of interest for low liquor and seasoned beers in the district. The APAC craft beer market is in its early stages, however, customers' ability to follow through on greater expenses for innovative drinks is supporting the market's development. The craft brew piece of the pie represented about 5% of the area's all-out market. What's more, an ever-increasing number of breweries all through the area are supporting the development of the Asia Pacific craft brew business.

Restraints:

However, severe government guidelines on alcohol deals and assessment increments can hamper the development of the Asia Pacific craft beer market. Likewise, the danger of other mixed refreshments, for example, wine, is one of the primary snags to the Asia Pacific market.

Asia Pacific Craft Beer Market Segmentation Analysis:

By product type, the Asia Pacific craft beer market is segmented into Ale and Lagers. Among these, ale segment recorded the highest share in the local market.

By distribution channel, the Asia Pacific market is bifurcated into on-trade and off-trade. The on-trade segment accounted for the most substantial percentage in the regional market. The on-trade segment mainly comprises restaurants, coffee shops, bars, clubs, and hotels. Consumers, with the availability of brewpubs, tasting rooms, and tiki bars are experiencing more comfortable experience in the on-trade segment. This factor results in a surge in millennial demand for pubs and bars, resulting in the growth of the respective segments in the local craft beer market.

By age group, the APAC market is separated into 21–35 years old, 40–54 years old, and 55 year and above. In general, the millennial population, that is, people belonging to age group 21–35 years, is the main consumers of craft beer in this area. Also, several brewing companies are focusing on developing products that attract this age group. Therefore, it can be considered that the rise in a number of the millennial populace will create promising opportunities for the expansion of the Asia Pacific craft beer market forecast.

Regional Analysis:

By topography, Asia-Pacific has the biggest portion of around 25% compared to other parts of the world. The Asia-Pacific Craft Beer Market can be partitioned into India, China, Taiwan and Australia. China holds the biggest portion in this market in the Asia-Pacific locale and is anticipated to be the quickest developing area. The number of brewing companies has risen exponentially in Chinese districts in the last few years. The area resembles embracing their independent breweries and concentrating on foreseeing the most elevated development in the craft beer market during the gauge time frame from 2020-2025. As indicated by Asia Pacific craft beer market review, the piece of the pie of sloppy players is relied upon to increment in the rcoming time in the Asia Pacific. The craft beer market investigation in this area involved several improvement patterns, serious scene examination, and key districts advancement status.

Key Players in the Market:

Major Key Players in the Asia Pacific Craft Beer Market are

• Anheuser-Busch In Bev
• Heineken NV
• The Boston Beer Company Inc.
• D.G. Yuengling & Son Inc.
• Sam Adams
• Constellation Brands
• Sierra Nevada
• The Gambrinus Company
• Chimay Beers and Cheeses
• Stone & Wood Brewing Co.